Portsmouth EDA reports $20 million net position at fiscal-year end; staff cites $940,000 year-over-year decrease

The Portsmouth Economic Development Authority’s financial presenter reviewed the EDA’s quarterly statements for the period ending June 30, 2025, at the Aug. 18 meeting.

Key figures presented - Cash and cash equivalents: about $47.4 million across bank accounts. - Accounts receivable: approximately $1.9 million. - Hotel land held by EDA: listed at about $1.2 million. - Property held for sale: $12.6 million. - Liabilities (accounts payable, grants payable, deposits): about $9.97 million. - Net position (end of fiscal year): approximately $20 million, a decrease of roughly $940,000 from the prior year.

Staff also noted an operating-revenue deficit of about $571,000 for the period, driven partly by losses on certain property transactions. Operating expenses and grants paid were summarized (staff reported roughly $468,000 in grants paid during the year). The presenter said auditors will present the final FY ’25 audited report in a later session; staff cautioned some numbers may shift as final audit adjustments are made.

Ending Staff said a full FY ’25 audited presentation will be provided by the auditors at a future meeting and that the materials distributed at the Aug. 18 meeting reflected preliminary quarterly close figures.